How do neighboring peer companies influence SMEs’ financial behavior?

Recent research into corporate finances has found that the financial decisions of peer companies are related. Companies tend to “kept an eye” on the decisions of other peer companies, among other things, trying to overcome the limitations caused by the lack of information. This paper further examines these interactions including geographical proximity among companies. With this aim, we use a heterogeneous Partial Adjustment Model on a sample of 12, 444 small and medium Spanish manufacturing industrial companies. We find strong nonlinearities in the adjustment processes of liquidity, indebtedness and profitability ratios associated with basic characteristics of the companies such as size, technology, age or financial imbalances. Our results indicate that the influence of the environment on the financial behavior of each company, and its responsiveness, vary in function of neighbor firms’ characteristics

V-Shape Liquid Crystal-Based Retromodulator Air to Ground Optical Communications

This paper describes the use of a 2D liquid crystal retro-modulator as a free space, wireless, optical link. The retro-modulator is made up of a retro-reflecting cornercube onto which 2 cascaded V-shape smectics liquid crystal modulators are mounted. The communication link differs with respect to more conventional optical links in not using amplitude (nor frequency) modulation, but instead state-of-polarisation (SOP) modulation known as Polarisation Shift Keying (PolSK). PolSK has the advantage over amplitude modulation, that it is less sensitive to changes in the visibility of the atmosphere, and increases inherently the bandwidth of the link. The implementation of PolSK both in liquid crystal based and in retro-modulated communication are novelties

Zircon to monazite phase transition in CeVO4

X-ray diffraction and Raman-scattering measurements on cerium vanadate have been performed up to 12 and 16 GPa, respectively. Experiments reveal that at 5.3 GPa the onset of a pressure-induced irreversible phase transition from the zircon to the monazite structure. Beyond this pressure, diffraction peaks and Raman-active modes of the monazite phase are measured. The zircon to monazite transition in CeVO4 is distinctive among the other rare-earth orthovanadates. We also observed softening of external translational Eg and internal B2g bending modes. We attributed it to mechanical instabilities of zircon phase against the pressure-induced distortion. We additionally report lattice-dynamical and total-energy calculations which are in agreement with the experimental results. Finally, the effect of non-hydrostatic stresses on the structural sequence is studied and the equations of state of different phases are reported.Comment: 45 pages, 8 figures, 8 table

Site Layout of the proposed new Hadrons' Injector Chain at CERN

The replacement of almost all the LHC injector complex on the Meyrin-site of CERN (Linac2, PSB and PS) is planned within the next 10 years. The layout foreseen for the new accelerators is described in this paper, together with its compatibility with the existing experimental physics facilities. These machines can, after upgrade, supply with high beam power future physics facilities for radioactive ions and/or neutrinos. Their possible layout is also sketched in this document

Measurement of radon-induced backgrounds in the NEXT double beta decay experiment

The measurement of the internal $^{222}$Rn activity in the NEXT-White detector during the so-called Run-II period with $^{136}$Xe-depleted xenon is discussed in detail, together with its implications for double beta decay searches in NEXT. The activity is measured through the alpha production rate induced in the fiducial volume by $^{222}$Rn and its alpha-emitting progeny. The specific activity is measured to be $(38.1\pm 2.2~\mathrm{(stat.)}\pm 5.9~\mathrm{(syst.)})$~mBq/m$^3$. Radon-induced electrons have also been characterized from the decay of the $^{214}$Bi daughter ions plating out on the cathode of the time projection chamber. From our studies, we conclude that radon-induced backgrounds are sufficiently low to enable a successful NEXT-100 physics program, as the projected rate contribution should not exceed 0.1~counts/yr in the neutrinoless double beta decay sample.Comment: 28 pages, 10 figures, 6 tables. Version accepted for publication in JHE

Analysis of a spatial Lotka-Volterra model with a finite range predator-prey interaction

We perform an analysis of a recent spatial version of the classical Lotka-Volterra model, where a finite scale controls individuals' interaction. We study the behavior of the predator-prey dynamics in physical spaces higher than one, showing how spatial patterns can emerge for some values of the interaction range and of the diffusion parameter.Comment: 7 pages, 7 figure